I don´t think that Bitcoin will be the future of Money. Fiat Money will be there for a very long time. But it is great to have different oportunities to pay. Bitcoin and some other Cryptocurrencies including Steem will become more popular and used over the next years.

I watched that debate very interesting. Peter Schiff just repeats the same thing. Bitcoin has no intrinsic value but in that case the same can be said about anything of value. The truth is that it is people’s belief in things that gives things value.

You are wrong Yonny along with everyone in here that thinks that Gold or Silver has no real value.

1.) Gold has medicinal value just like Silver. All surgeon instruments are made of silver because silver kills all bacteria. There are many other medicinal uses for gold and silver too.
2.) Gold and silver are also very useful in the electronic world. Without Gold and Silver you wouldn't have that computer, internet and all those high end electronic items like your cell phone.

Sure but I wouldn't pay you anything because I grow my own garlic. I can also get garlic from my friends yard and in the grocery store. Just because it has medicinal value doesn't mean it is good for currency. A currency has to be rare and difficult to attain too.

Gold and silver are rare metals and are not easily mined. They also have medicinal value and other uses in electronics along with other techno uses. So they are a better form of currency and has real useful value.

Gold is not worth investing in as a store of value because its utility value is dependent on the economy being strong as do all utility metals. When the economy is weak and a store of value is required the utility value of the gold falls meaning that all you get is a flush of volatility and a stabling out. this could be higher or LOWER than when the economy was doing well. A gold investment is a straight up gamble. You would be better investing in patents which not only have utility but a store of value .....assuming you have done your research well.

The world and its relationship with gold is very different to pre-1974.

No
Believe: To have confidence in the truth, the existence, or the reliability of something, although without absolute proof that one is right in doing so:
Only if one believes in something can one act purposefully.

Im team bitcoin so not trolling here... u realize gold is worth more then bitcoin right?
The total marketcap of gold is over 7 trillion
Bitcoin is way under 500 billion even at its high
Gold is worth much more. I’m more pro bitcoin but saying bitcoin is worth more is a lie. You have to compare the total value not cherry pick a measurement of one to the other. A ounce of gold is worth less then a bitcoin doesn’t mean anything , there are more kilos of gold then bitcoins so A kilo of gold is worth more then a bitcoin
You can compare Units anyway u want it’s not valid. Total value of all is only honest practical way.. if u divide all gold by same number of total bitcoins mined the number is way more valuable then a bitcoin. Let’s be honest guys. There’s no need for bogus arguments! Bitcoin is a capable argument of value without lying or not making a fair comparison

What really interests me is what if Crypto's market cap one day matches gold's. That's at least a 14 times price increase. Hope you bought cheap in this bear market like I did, because the sale isn't going to last forever.

People can't wrap their heads around cryptocurrencies yet.. People couldn't wrap their heads around the internet or cellphones when they were first introduced.. This is all part of the growing process for new technologies.

in the end 2017, people believe BTC will be something big that can change the world (may be they do'nt know what is BTC), so BTC price go rocketing. But now, people know BTC is not good enough to believe for a bright future, so BTC price down. Is Bitcoin the Future of Money? I think maybe "No"

An interesting suggestion, but not quite. In late 2017, the price of bitcoin rose because people saw the increasing value (from educated investors) and wanted in on this quick profit. This (obviously) created a bubble, and when the bubble popped, the price fell. It's practically the same as what what happened in early 2014, and based off of that, it will likely recover (slowly but surely) over the course of the next 2-3 years. Not an advisement, no inside knowledge, just an educated guess based off of similar events in the past. That's what the past is there for, is it not? To learn from.

No, If you're looking for a time when the price of BTC rose because of high expectations you'd have to look at the beginning of 2017, when BTC once again rose over $1,000 because of the possibility of ETFs making it more mainstream - the ETFs failed, BTC dropped below 1k, only to rise again within days. No, when bit coin spikes because of high hopes for the future, it's a small spike, and easily recovered.

The truth is that all the currency money does not have any back gold to assure their value. It just a number in a Bank computer who is using a exchange mode of transaction. If you get a lone from a Bank that is what happen. In my humble opinion, may both bitcoin and goverment money will continue coexisting.

Bitcoin will replace the fiat money. Let's see a example-
Fiat money is the parent of currency and cryptocurrency is it's child. So in future parent has to die at some day and child has to take place. This is the future no one can stop the the future and future is lies within the cryptocurrency. It's my opinion. i hope you all agree with me.
Nice post and the video contains all the necessary thing taht can help for newbie to understand the concept of bitcoin
Thanks for sharing @finprep

I personally think both with coexist in the near future. Decades and decades from now that could all change.. The people that run the world will not fold over easily, and they fully understand the implications of a decentralized global p2p currency. As far as I'm concerned, it's just smart investment to own some cryptos, because there is a good chance that they are the future.

When you write coexist do you mean like a friendly coexsistance? I dont really bealive in a kind of peacefull coexistance in long term. The coexistance is only in a time of adoption and havent yet been so friendly or peacefull. I think Bitcoin is a war against fiat where either the fiat will belong to the few or or Bitcoin.

95% of the world's money exist in digital form already....
What is Fiat then? Cash = the matter of time, when it will be totally gone.
Fiat, the money govs printing? Banks creating?
And then crypto = the money "some programmer" creates (pre-mined coins). Or mineable cryptos (BTC, BCH, LTC etc etc...) .
I've been in the space for some time now, and than more I dig, than more I see some "fantasies" around the space.
Sorry guys, I didn't mean to be that pessimistic.

What gets me most about this interview is the lack of awareness about what is going on in the world. Cryptocurrencies being adopted is a given but it is not for the reasons talked about here. They will be adopted by failing economies. Ones whose own currencies are worthless. If your own currency is more volatile than a crypto the ordinary people are going to use that crypto because it will still be worth something in a days time. Over time more and more national currencies are going to become worthless and cryptos adopted. This will lead to the cryptos becoming more stable.

Interesting thoughts on value. Of course value, just as truth or beauty, is in the eye of the beholder or the heart of the other. What makes a Picasso worth millions while my daughters scribble worth "nothing" to anyone other than me? In truth, a Picasso would only mean money to me where my daughter's drawing will be cherrished my entire life.

Whether we like it or not, peter schiff made some very good points. Even when the crowd was laughing at him, he is older and wiser and I think it’s very important to be open minded and see the points from those we do not agree with. I can understand that this debate basically is a pr jab at bitcoin and he has something to gain from his stance, but he made some very good points.

Yes, while I agreed with what the moderator was saying he should have stuck to moderating. It made the debate have less worth when he was being partisan. I would also make a bad moderator as I also would not be able to restrain myself.

Peter Schiff had nothing new to say ... all the time same content. I would like to share my understanding on this that we all have seen analog world where we deal with physical money and it moved at a speed which is directly proportional to speed of human. Next came the digital world where money transaction were faster and farther but there are gatekeeper institutions which control & regulate money as per the direction of government.

We are about to enter in a new phase of currency/money i.e. Cryptocurrency which is combination of the software vis.a.viz currency. By this way money becomes more than just a static unit of value within any country boundary and this is also not at the mercy of gatekeeper institutions or government for security. In this new era there would not be any intervention from human being or any gatekeeper institution. Bitcoin is the first step of this evolution. Bitcoin is just not a digital money rather its a revolution which is going to democratizes money.

The "gatekeeper institutions" and the governments are working hand in hand and they always have done, this is evident in the fact that various governments and banking institutions have bailed each other out over the years, so the very last thing they want to see is a currency in which they can't intervene, (think quantitative easing) governments feel the need to be in control of everyone, they don't want anything that they can't be in control of, it wouldn't surprise me if the crypto's that are backed by these institutions were the only crypto's that are endorsed by governments in the future.

Schiff: "Some people just own it, because they think it is going up. And they think they are going to get rich."
Verhoes: "You can equally apply that to gold."
Schiff: "Not that many people think they are going to get rich witch gold."
Verhoes: "Not anymore."﻿

I personally feel that Bitcoin is a form of revolution of modern times and like old times and all other revolutions this is also being suppressed. None the less Bitcoin is future and being decentralized this will ultimately replace fiats and will define future.

Hi there.... Well that's a good question..... Whether it will be an organised murder or there will be a war.. Only time can tell... We can just hope for a better future and world as it seems is workibg towards it... Also I can sense that Bitcoin is bringing people across the globe closer.... We are a community... Right???

I agree with you that it's a revolution in currency. It might take few year to reach on such a level when we can visit any country without having fiat and only bitcoin. That day would very easy as no need to use forex etc.

How does it "not being controlled by anyone" mean that it will replace fiat? I think it will replace fiat but not for that reason. that reason is generally given without understanding the implications.

People against Bitcoin always predict that it will implode and that it has no intrinsic value. Time and again Bitcoin proved them wrong. Everything is relative as anything under the sun may have no value as nothing lasts forever in this world. People provides value to anything that they hold valuable.

@finprep
The problem with Peter's arguments is that his arguments would depend on the demise of Bitcoin. It always comes down to "Bitcoins value depends on the trust of people using it". If people lose trust, the value depreciates as it would with anything we consider valuable.-Imagine the day we can recreate gold on the molecular level.
-Imagine if we create something superior on a molecular level.
So we all can throw in possibilities, but what we have to focus on is what we currently have. That in my opinion is mistrust in a digital world, and I don't see golds position to help this in any way.

I'm really disappointed with Schiff. I am a big fan of the guy but he really is just being stubborn about cryptos. His biggest critique is that Bitcoin has no "practical use" and therefore no intrinsic value. It just goes to show that he has a very small understanding of the technology because the block chain has a far greater number of more practical uses than gold could dream of.

Fiat currency has no intrinsic value, it's a printed piece of paper. Some form of digital payment system is obvious, whether that is blockchain is the question. Alipay in China has practically killed fiat in the major cities such as Shanghai. Without an incentive and legal backing, bloackchain tech might not be picked up by the masses.

Though I don’t agree with this Peter Schiff Gentleman I think he brings up good points we should all keep in mind! Sadly he also brings up invalid points that show he’s not as well versed in bitcoin se he should be. My ex listened to his podcast and is the reason my ex bought gold at the top 🤣
Luckily he also bought bitcoin in 2013-2015 and gave me the House in the split since the bitcoin was worth more.

It is very difficult to just assume Bitcoin replacing fiat money. Even if it does,it will be a process of slow adoption that will take decades. This is because the Government in general has to take careful and necessary procedures and/or regulations that will ensure a safe transition from Fiat to Bitcoin.
Perhaps the biggest challenge is the volatility of Bitcoin and Altcoin. Most currencies at least of developed countries are regulated by their respective Governments and allowed to "float freely" a.k.a Government intervention if required.

Other issues that will complicate such process is international trade.

I had already watched that video, thanks for sharing anyway, it's a very good debate.

What I found interesting is that some of the arguments put forth by both parties could apply as well against the case they are trying to make themselves. I believe there is no perfect solution when it comes to sound money.

But I won't be voting, this post adds no extra value to what Reason, Peter Schiff, or Erik Voorhees brought to the table during that event.

Schiff's whole argument seems to be based on a strawman. Bitcoin/crypto is not trying to mimic asset backed currencies (eg gold) or fiat. It is trustless which is a new class of currency. He needs to wrap his head around that one.

Very interesting video and thank you for sharing it @finprep... I found most of the arguments put forward by Erik about Bitcoin to be true except one, which according to him is also its greatest attribute ... and that attribute is the portability of Bitcoin. I feel that this same attribute can bring more harm to Bitcoin than good.

In this Video, he said that it can be sent anywhere in this world at a very low transaction fee and it doesn't need a third party ( Government or Central bank) to validate the transaction. Since we all know that Governments across the world want to have control over everything and Bitcoin transactions are something which they can't control, so I feel it is more likely that Governments will go after Bitcoin in the near future if a common ground is not found. Secondly, what if bitcoins are used by terrorists? Wouldn't it give them a leverage to blow up something at a click of a mobile wallet button?

We have an issue in India where people are not allowed to use Fiat currencies to buy bitcoin nowadays all thanks to the Reserve Bank of India which instructed all the banks to blocked bank accounts of many Bitcoin investors and banned many cryptocurrency exchanges.

Peter Schiff is actually right in his own way and his arguments also made sense when he spoke about the price of anything is about supply and demand. If one day we wake up and find out that Bitcoins have been made illegal, wouldn't the price implode overnight? The truth is, the future of bitcoins ( in many countries) depends upon how the government perceives it and not the supply-demand price forecast.

In my opinion, Fiat currencies and Bitcoin can coexist together just like Gold and Fiat currencies are coexisting today. There are merits and demerits in both but I am sure a way can be found out soon and then only, we can claim Bitcoin to be the true successor of FIAT currency.

Currencies are no longer backed by gold because the system failed. It failed. Failure means that it does not work any more. Kaput, doesn't work, broken. Is next on the agenda resurrecting communism? Currencies cannot be backed by gold in the future because there is no longer enough gold in the world. The World Bank has been working on alternative asset based system for the backing of a currency for over 20 years and have hit a dead end. How can you be so ignorant of this?

Bitcoin is the gold of the future and the future is now. People should be aware of that and be less dependent of the traditional financial system. Thanks for this content @finprep. I invite you to follow me.

@finprep, I have google for some time. The best way to make a wallet is design the bitcoin before run the bitcoin server.I know there are likewise a way call , But I don't know how to associate it with the wallet. I mean how to make every client.

@tumutanzi i think you are saying right that btc is not the everything in the whole world but i think @finprep that this is a big opportunity to get benefit out of it until it exits.and nice debate and i think "Erik" defend it very well

I think will be Future of money But now at a time Bitcoin was Again I think Creates Bulls and Goes again and Again down and down as they can because Their Markets was Now at a time very Low according to 2017 Last Year and in a Last Month

In this market we can not say anything with perfection. Few months back a hype was created about consensus 2018 .And now same manipulation and hype are created For ETF .According to me BTC Dominance is not a big issue ,positive news like ETF approval can bring BTC to at lease 14000 .But lets see what happen ...

Gold is great, silver is great, Bitcoin is also great. Bitcoin and the hundreds of altcoins after it have become an alternative to traditional money, which is pretty cool. They offer a myriad of advantages, but they do have disadvantages as well.

I think Schiff does have a point in that there are so many forks and alternatives that the value proposition of BTC may not always make it the top dog. The inventor of the first phone is not the top smart phone manufacturer today, for example. It is speculation that the price will once again skyrocket, but the market as a whole is something that I don't think is just going to go away anytime soon.

I can see the comparison to the dotcom boom where everyone was adding .com to their name so they could get on the bandwagon, but there were some winners there too that could have made you a fortune if you stuck it out for the long haul. Same with stocks in the recent US recession. So my thought is to 100% not invest more than I can lose, and to diversify a bit in different things. Steem may as well go to a penny for all I know, but it could also grow into becoming a top cryptocurrencies, same with the scores of other interesting projects out there.

I like Peter Schiff, but recently he became too dogmatic. I think, he is pissed off, that precious metals are going nowhere almost a decade now... Mike Maloney is much wiser man from the "gold bugs" community.

In my opinion, Bitcoin and altcoins are amazing things and I believe that they can replace fiat money. I don’t remember the exact statement of Alistair Milne from Altana Digital Currency but he said that crypto and blockchain will keep on developing despite voices of Warren Buffet or James Dimon, it was something like «You wouldn’t ask the owners of the post office how they felt about email». I like this quote, because it shows that Bitcoin may become the new money. Also, we can compare the current situation with Middle Ages when gold was replaced by coins and then by banknotes. Modern money may be replaced by crypto in similar way. I can’t be 100% sure, but it’s my opinion.

Yeah @finprep Crypto is Future currency and it will replace Traditional Currency.. But it will take some time as Crypto currency need to be regularized with Secure Systems in place to create trust in people for making it a complete currency which will be much more secure and stable as compared to what it is today !!!

I think cryptocurrency (bitcoin) is future of money in coming decades. Like in older age metal currency & today's paper currency is important. Bitcoin is more safe then paper money in today's world. When Bitcoin introduced before a decade people not have trust on that, but now people believing in that.

So far, the influence of the crypto-currency on the global economy is too weak, it is probably one more tool for speculation, and therefore no benefit to ordinary people. The idea, the slogan is certainly very positive, decentralize the influence of the state, that is, those in power on simple "mortals," but in life yet, at least does not work.

Try reading some Thomas Spence. The only "philosopher" ever to get their works banned in the UK. Even Marx and Kropotkin weren't banned. There isn't much surviving but what does survive is about localism.

cryptocurrency definitely hasa very bright future. The technology behind cryptos is revolutionary and anybody that doesnt see the potential of crypto obviously needs to be checked, but i am still of the opinion that cryptocurrencies still needs some sort of regulation or it could get chaotic

I like your speetch .I watched that debate very interesting. Peter Schiff just repeats the same thing. Bitcoin has no intrinsic value but in that case the same can be said about anything of value. The truth is that it is people’s belief in things that gives things value.

I have been in financial services before and have invested in some digital coin. I appreciate your insights at this confusing time. Thank you for this information. I am now following you.
Thanks,
dubloon135

If there is a trust on cryptocurrencies ,then obviously market will side linwa fiat currencies.
, Crypto market lack of regulation implementation and security for customer funds and convenience illness

I'm also not sure if Bitcoin will replace fiat currencies as the primary medium of exchange. However, I see a huge potential for it as a digital store of value and as the main gateway asset to other cryptos.

I am quite confident that Bitcoin has great arguments for these use cases in the long-term and will capture a lot of value through them. I wrote a longer research post about this a few days ago. Have a look if you are interested: Bitcoin Research

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